Ladies and gentlemen, good day and welcome to the Sky Gold & Diamonds Limited Q4 and FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Vidhi Vasa from MUFG Intime. Thank you, and over to you, ma'am. Thank you. On behalf of MUFG Intime, I welcome you all to Sky Gold & Diamonds Limited Q4 and FY 2026 earnings conference call. On the management side, we have Mr. Mangesh Chauhan, Managing Director, Mr. Darshan Chauhan, Whole-time Director, Mr. Siddharth Sipani, Chief Financial Officer, and Mr. Akash Talesara, President Sales. I hope everyone had an opportunity to go through our investor deck that we have uploaded on Exchange and the company's website. I would like to mention a short disclaimer before we begin the call. This call may contain some of the forward-looking statements, which are completely based upon our belief, opinion, and expectation as of today. These statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. With this, now I hand over the call to Mr. Mangesh Chauhan. Over to you, sir. Good afternoon, everyone. Mangesh Chauhan here, Managing Director of Sky Gold & Diamonds Limited. I want to thank my team. They delivered a strong performance despite a tough market. I will assume you have reviewed our latest results and presentation. The strategic evaluation of Sky Gold has systematically unfolded across three distinct operation phases. Phase I, our primary objective was establishing portfolio credibility and securing initial corporate client penetration. We were ahead of the curve in anticipating the shift from unorganized to organized in retail and jewelry manufacturing. Also in shift towards lightweight jewelry. In all these three aspects, the bets are paying off now. Phase II, utilizing a combination of IPO proceeds and internal accruals, we expanded our client ecosystem and scaled capacity via our Navi Mumbai facility. Following our preferential capital raise, we originally guided for FY 2027 revenue of INR 5,000 crores, a 3.5% PAT margin and a 25% ROCE. Having subsequently revised our benchmark upward multiple times, we are on track to exceed even our most recent guidance. Phase III. Unlike previous phases funded by a mix of internal and external capital, phase III pivots entirely on an organic, self-sustaining financial architecture. Growth will be funded strictly through internal cash generation to achieve a net debt-free balance sheet by FY 2030. On debt reduction strategy, we would like to highlight based on our current plan. We would be reducing net debt by 50% above in FY 2027 itself through land sale and operational improvement. I repeat, there would be debt reduction of 50% plus in FY 2027 itself. A larger portion of debt reduction would be due to operational reasons. Our Q4 FY 2026 performance significantly outpaced most industry peers, driven by strong wedding season seasonality, bolstered by key festive occasions like Gudi Padwa, Akshaya Tritiya, alongside materially improved customer engagement through our B2B portfolio. Unlike several industry peers, Sky Gold's B2B-focused manufacturing model effectively captured peak wedding and festive demand through higher production volumes. Strategically, we pivot towards higher margin lightweight and studded jewelry, which enhance realization and profitability. We deepened strategic partnership with major retail chain store, including, but not limited to Reliance Jewels, CaratLane, Malabar Gold, Kalyan Jewellers, Senco Gold, Aditya Birla, Thangamayil Jewellery, P. N. Gadgil, Lalithaa Jewellery, Joyalukkas, Khazana Jewellery, Damas Jewellery, Kanz Jewelry, Titan, GRT, and many more in this group. Expanded our distribution networks and grew our advanced gold business also, which strengthened working capital efficiency and provided greater order visibility across the value chain. Financial guidance and capital discipline. Our forward-looking framework balances aggressive market share capture with stringent balance sheet discipline. Target growth metrics. We are targeting a sustainable revenue CAGR of 30%-35%, projecting a PAT of INR 945 crore by 2030. I want to make a small change to the guidance we have provided in the past. We would like to stick to our PAT guidance by FY 2030, we would like to avoid revenue or volume guidance, primarily because of the volatility in the gold price which is beyond our control. Top line is vanity, PAT is sanity, and cash in the bank is reality. Control velocity. Given the large addressable market opportunity, we possess the capacity to expand at twice this velocity. Doing so would compromise our operating cash flows. Top-line expansion is intentionally capped at 30%-35% to further strengthening the balance sheet. Cash conversion engine. Our model targets a consistent conversion of 20%-25% of PAT into operating cash flow, underscoring a lean, high-velocity growth engine that is rare among high-growth Indian enterprises. This dual commitment ensures optimal scaling alongside robust cash flow generation. Siddharth Sipani has been thinking continuously on how to grow our institution governance and promoter realignment. To address historical industry-wide corporate governance discounts and maximize long-term shareholder value, management is implementing best-in-class institutional framework. Global audit oversight. As promised, we have appointed MSKA & Associates LLP, member of BDO International, as statutory auditors. Promoter remuneration alignment. Beginning FY 2027, the promoters will transition to a zero-salary compensation model, migrating exclusively to a dividend-only framework. Promoters will derive financial rewards solely from shared ownership outcomes. Capital distribution disciplines. Dividends will be funded strictly out of operating cash flows. This structural realignment ensures promoter incentives are perfectly matched with minority shareholders, reinforcing fiscal discipline. Moving forward, our institutional scale remains anchored by our three core operational pillars. First, creativity, which is through design innovation. Second is technology, which is through process automation. Third is manufacturing excellence. In today's forum, we anticipate several inquiries regarding prevailing jewelry demand trends following our Honorable Prime Minister Modi's recent national address. We view the Honorable Prime Minister's call to curb gold imports and protect our nation current account deficit as a clear necessary directive for the entire industry. We embrace our broader national responsibilities in support of this macroeconomic goal. While the wider sector is experiencing a temporary phase of demand softness as a result of these tightening conditions, Sky Gold business model is explicitly built to thrive in such an environment. Our expertise in lightweight jewelry places us in a superior position. Historically, proactive regulatory policies have been introduced around Gold Metal Loans to manage capital and import flows. Sky Gold maintains zero GML exposure today. While we refrain from speculating on future policy directions, our internal operational structures are fully prepared for any further measures the government may deem necessary to safeguard the economy. Articulated in our previous interactions, our core mandate remains the construction of a fortress balance sheet. The objective is heavily safeguarded by our enhanced cash conversion guidance, particularly as we move through FY 2027. The jewelry manufacturing and retail landscape is innately working capital intensive. By aggressively executing our de-leveraging strategy with targets of 50% and above debt reduction during FY 2027, Sky Gold will drastically reduce its credit reliance. This guarantees that our capital structure remains robust, resilient, and fully self-sustaining, leaving us securely insulated even if institutional lending norms become significantly more stringent. We would also provide another comfort to investors. Our annualized exit run rate for Q4 of INR 1,911 crore is close to the guidance of INR 8,100 crore provided for FY 2027. Hence, we would not require substantial incremental working capital for growth. I now request Darshan Chauhan for his update on new development of Sky Gold. Hello, good afternoon, everyone. Darshan Chauhan, Whole-time Director. Today, as we look back at the past quarter and the journey of Sky Gold & Diamonds, one thing becomes very clear. Our growth is not only because of strong business performance, but because of strong relationships, trust, innovation, and teamwork that define this organization. Over the years, Sky Gold has built a strong leadership position in lightweight cast jewelry manufacturing and expanded successfully across multiple jewelry categories. We continued strengthening our partnership with leading retailers across India and globally through our strong co-creation, merchandising, and customization capabilities. Even during challenging global conditions, including difficult times in international markets, our teams showed resilience and adaptability. Through Sky Souk in Dubai, diversification into newer territories, wider product categories, and continuous innovation, we successfully navigated business challenges while continuing to grow. We also invested heavily in technology, systems, people, and culture. One of the proudest moment for us this year was recognizing long-serving employees and star performers through ESOP initiatives, appreciating team members who have spent five-plus years contributing to the company's success. At Sky Gold, we believe people are our greatest strength. Our journey has also been recognized across the industry through prestigious awards, recognition, and participation at leading national and international jewelry platforms. This achievement reflects the collective effort of every employee, karigar, partner, retailer, investor, and stakeholder associated with Sky Gold & Diamonds. Now, as Sky Gold enters its next phase of growth, expansion, and global vision, the management is pleased to announce a new leadership milestone for the organization. We are happy to announce today that we propose to elevate Akash Talesara, currently President Sales, to the role of CEO, subject to board approval. This strategic appointment reinforces our commitment to professionalizing management, enforcing strong governance, and positioning the company for accelerated growth as we advance toward our FY 2030 target of achieving sales of INR 18,000 crore-INR 19,000 crore with a nil net debt position. We extend our heartfelt congratulations to Akash on this well-deserved promotion to CEO of Sky Gold and express full confidence in his vision and leadership to drive Sky Gold's next phase of expansion, innovation, and value creation for all stakeholders. Congratulations, Akash Talesara, and wishing you great success in this new journey. Thank you everyone for your trust, support, and belief in Sky Gold & Diamonds. Hi, everyone. This is Akash Talesara. First of all, a big thank you to the management for believing in me and giving me the responsibility of leading this organization as a CEO. For me, this is not just a designation or a position, it is a responsibility towards every employee, customer, partner, investor, and every person connected with the Sky Gold & Diamonds. What makes me most proud about Sky Gold is not only our growth, numbers, or achievements, but the culture and relationship we have built over years. At Sky Gold & Diamond, people do not just come to work, they become a part of the family. This is the reason many people do not like leaving this organization. There is a trust here, there is respect here, and most importantly, there is a strong sense of belonging. As mentioned earlier during the inauguration of one of our subsidiary facility by Mr. Ajoy Chawla, MD, Titan Company Limited, we witnessed one of the most emotional and meaningful initiative from the organization this year, was to introducing ESOPs for the employees who have been a part of the Sky Gold journey for more than five years, along with our star performers. This was one small way of saying thank you to the people who have stood by us, the company, contributing with dedication and helped build Sky Gold into what we are today. We wanted our employees not only to work for the company's growth, but also to become part of the growth story themselves. We truly believe that loyalty, commitment, and consistent hard work should always be respected and rewarded. These initiatives have created a strong sense of ownership, a deeper emotional connect, and even greater motivation within the organization. This is the real strength of Sky Gold & Diamonds, our people. Our effort has also been recognized through several prestigious award and industry recognitions, including the Global Market Entry Leadership Award for manufacturing, the India Business Leader and Excellence Award, and the Joyalukkas Pride 2026 recognition for partnership excellence and innovation in design. We were also honored as a valuable vendor partner at the Circle of India ceremony by the Aditya Birla Group. Sky Gold was recognized as one of the fastest jewelry manufacturing company through the AOJ. We also got MD and CFO awards, along with the several other manufacturing leadership recognition, excellence award, industry trophy, and certificates. These recognitions are not just awards for the company. They represent the collective hard work, commitment, and passion of our employees, retailers, partners, karigars, leadership team, and every stakeholder associated with Sky Gold & Diamonds. Thank you again, and I'll pass on back to Mangesh Bhai. Thank you, Akash. The success of Sky Gold is built entirely on the blessings and support of our stakeholders. The moment that truly touched my soul was honoring our long-standing employees. It was a small gesture of gratitude for their years of loyalty, and it brought back to so many cherished memories of our early days. These are the people who built Sky Gold, and celebrating them was the highlight of it all. I want to hand it over to Siddharth Sipani. Before Siddharth Sipani takes you through the financials, I want to congratulate Siddharth on implementing stringent processes. Jewelry manufacturing is a highly capital-intensive business. As you know, we are growing at a fast pace. Implementing processes in such a growth phase is not an easy task. Siddharth successfully streamlined the working capital of our business without growth being impacted. Our net working capital days have successfully dropped from 71 days for quarter ended March 2025, to 59 days for this quarter, March ended 2026. Siddharth also successfully onboarded MSKA & Associates LLP, a part of BDO International, as our statutory auditors, thereby transitioning from mid-size to global audit firm as a part of our step in strengthening our corporate governance framework. I gave him a two-year window within which he had to reduce working capital below 60 days, appoint a global auditor and get to neutral operating cash flow. Within the first year, he has successfully reduced the working capital intensity of the business and there is no need to raise external capital now. Siddharth is a special find for us. Hand over to you, Siddharth. Thank you, Mangesh Bhai, for your kind words and thank you to the entire leadership team at Sky Gold for your support. I am truly honored to be part of Sky Gold's growth journey and this achievement belongs to entire finance and sales team. I am confident we will continue building a stronger, more efficient Sky Gold that creates enduring value for all stakeholders. Before discussing our Q4 performance, I would like to outline our strategy for cash flow management and debt reduction. As Mangesh Bhai highlighted, our annualized Q4 exit run rate for revenue of INR 7,650 crore is already close to our FY 2027 guidance of INR 8,100 crore. Because of this, we will need very little extra working capital to fund our growth. Additionally, we are shifting our business model towards the advance gold format. As a result, we expect our operating cash flow to PAT conversion in FY 2027 to be much higher than our long-term trend guidance. We have also included a detailed slide in our presentation covering this FY 2027 debt reduction plan. In our last call, we broke down our gross margin expansion. From the current year- to- date, our consolidated gross margin stands at 8.45%, up 245 basis points from 6% in FY 2024. This improvement comes from three main areas. A 100 basis point gain from reducing gold loss, a 70 basis point gain from our growing advance gold business and the remainder from high margin value-added products like 18KT, 9KT diamond-studded jewelry and our unique co-creation designs. Looking ahead, our revenue growth will be driven by three clear levers. Increasing our share with existing corporate clients, expanding our distributor market network, and scaling up exports. For this call, we want to walk you through our future PAT margin expansion. We know there are questions about whether these margins are sustainable or if we are over-earning due to rising gold prices. As a management team, we only provide achievable targets and we routinely outperform them. In fact, our current FY 2027 guidance is already 30%- 40% higher than our initial estimates. Investors will also see that our debt reduction timeline is moving much faster than expected. We would like to categorically state that our operations are back to back hedged. However, for those who still question the sustenance of our margins, our profit margins naturally improve as our share of advance gold increases. Our FY 2026 PAT margin stands at 4.5%. Under the advance gold model, we only record the job work fees as revenue, whereas our traditional model records the entire jewelry value as revenue. Therefore, as advance gold volumes grow, our absolute profit and margins improve. Even though it creates a deflationary effect on the top-line revenue figure. We expect our gross margin to expand by 60-90 basis points due to better mix of advance gold and studded jewelry. This is our first margin lever. Our second lever is reducing interest cost. Today, interest expenses account for 1.25% of sales, which is a significant drag. As we transition towards a net debt-free balance sheet, this cost will drop to zero, giving us a combined 200 basis points margin expansion opportunity. While these levers offer strong upside, we have guided for a conservative 5.25% PAT margin by FY 2030, which represents an expansion of 75 basis points from current levels. We choose to be prudent with our guidance because our long-term aspiration is to become the largest global jewelry manufacturer. To achieve this, we plan to invest heavily in international infrastructure and use strategic pricing to solidify our global presence. Let us review the financial highlights for Q4 and FY 2026. Notably, our working capital cycle improved, dropping to 59 days from 71 days in March 2025, mainly driven by, one, increase in advance gold business volumes to 11.5% for the year 2026 versus 5.7% for the previous financial year. Secondly, increase in exports to 11% for the year versus 6% in the previous financial year, and prioritizing shorter credit term customers. Our cash from operations improved from INR -272 crore to near neutral operating cash flows of INR -45 crore, which is in line with our guidance. Further, other income stood at INR 16.3 crore for the quarter, of which INR 3.7 crore was attributable to gain on sale of investments, balance mainly includes all operational income, like exchange gain on exports of INR 8.4 crore and interest income of INR 4.5 crore for Q4 FY 2026. Now I give the podium back to Mangesh for his comments. Thanks, Siddharth, for the update. Before opening forum for Q&A, I have stressed multiple times in the past that having a strong corporate culture is the bedrock of the company. To achieve our FY 2030 PAT guidance of INR 945 crore, we need to implement at multiple fronts. To be the globally largest manufacturer over the next decade, investing in people is essential. That is one of the reasons we rolled out ESOPs for all loyal and deserving employees. We will further expand the ESOP pool. Strategically, we would also be creating a group council with global industry veterans to guide us on the journey ahead. We kindly ask participants to avoid speculative questions regarding future government policies. Our view is that no further restrictive measures will be introduced. Even if the regulatory environment becomes more stringent, organized players like Sky Gold are best positioned to benefit and capture market share. Thank you, everyone. We open the floor for the question and answers. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question is from the line of Uchit Shah with Vimana Capital. Please go ahead. Thank you, sir, for taking us through the presentation, and congratulations on the good results. I just had a couple of questions. First is, due to recent increase in the customs duty and the government's appeal to reduce gold consumption, do you think this would affect our revenues or volumes in any way? This is not the first time the government is increasing or decreasing the duty. We are doing the business from last two decades. 20 years I have been in this business. I have seen this type of event many times, in the Congress government also, in this present government also, increasing the duty as per the requirement, as per the fiscal deficit and all, and again, reducing the duty whenever the environment is good and all. This is the measures taken by the government, and as per the consumer level, they take as per the MRP of the gold rate. Now gold is available at INR 155,000. They take it as a cost of buying. Again, governments takes measures whenever it's requirement. As we are into lightweight jewelry right now, till now, we have not found any lower of the order or softening of the demand at the B2B level, because we are into a lightweight jewelry segment. Nowadays, retailers has announced so many gold exchange schemes and who will make gold exchange, they will get more benefit in the making charges. Many schemes are rolled out. We have heard that at the retail level, the gold exchange has gone up to 20%-40% above. Regular it is 20% gold exchange business, it has gone to 40%. Again, by talking to our large customers, large corporate pool and the owners with them and talking to them, they are also telling it is very early to predict in one week. They are analyzing June month, July month, how the consumer behavior is going to happen. Right now, there is no softening of demand at the B2B level. A stable demand is there. Got it, sir. Thanks for that. Second question is more around, sir, the recent transcripts or concalls of Titan, PNG, the retailers. They have said that they are seeing higher demands in lower caratage jewelries and towards gold bars and coins. Do you think this shift of consumers towards lower caratage affects us in any way? This is a part and parcel of the strategy because our Gen Zs look for nine carat and 14 carat. The mid generation goes for 18 carat. There is some shift. We are also seeing that 18 carat is going up and taking place of 22 carat, but 22 carat again is the leader in India. It is at 70%-75% of the sales. Again, bullion and coins are sold at the retail level because some of the customers want to invest in bullion and gold. For the temporary base, if they want to buy jewelry after six months, they take the bullion and coins, and then they give the bullion and coins and replace with the jewelry. This is the shift, the budget-wise shifting is also going on. Making charges are higher in the lower carats. In nine and 14 and 18, our margins are better. It's a mix of business we have to do. We have to plan the strategy as per the gold rates and the market conditions. The customer keep on introducing new carat, new strategies and all. Again, diamond jewelry is picking up because of the gold rates and all. The diamond jewelry, we are at 1.5%. This is the strategy played by the retailers as and when required, as per the environment of the markets and all. Perfect. Thank you, sir, for that. I've just one last question. This is more around the working capital cycles as well. If I read previous two transcripts and concalls, I think we were also trying to push for Gold Metal Loan, through which we were able to get lower interest rates from the banks or financial institutions. In this presentation, actually, I don't see any mention of that. Is there any strategic shift we have taken to reduce the Gold Metal Loan? Again, gold metal loan, we were using in last quarter and this quarter we are not using because gold rates are higher in GML because when market rates are below INR 3 lakh, INR 4 lakh of the gold metal. If we buy from the bank, we are getting at INR 1.62 crore. In the market, we are getting at INR 4.57 crore or INR 4.58 crore because undercosting is going in the market. We go as per the PAT, whatever it is, PAT accretive. Right now, Gold Metal Loan is very much costlier as per the cost, right now as per the interest price. We are at zero Gold Metal Loan right now. Again, the government strategy is going on for this imports and all. We are at zero Gold Metal Loan right now as per the tax accretive. Whatever accretive, we will go for that. Again, Siddharth will add something on that. Yeah, perfect. Thank you, Mangesh Bhai. We are assessing the gold rates and whichever gold rate is beneficial to us on an overall PAT level, we are going by that option. At this point of time, considering the market, the actual prices, the local market is at a cheaper rate versus when we buy from banks. That is why, as of March end, our GML outstanding is nil. We have INR 170 crores of GML facility sanctioned with us, and as soon as we are having a better pricing for the GML, we will go for the GML borrowings. Got it. Thank you, sir, for answering the questions, and all the best for future. Thank you. Thank you. Our next question is from the line of Chintan Sheth with Girik Capital. Please go ahead. Yes, hi. Thank you for the opportunity and congrats to the team for walking the talk all through these years. Congrats, Akash, for the promotion. Sir, couple of questions. If you can provide volume numbers for the year or for the quarter, because that was missing in the presentation for standalone as well as the subsidiary. I know you refrain us from asking the volume and the gold price in your guidance which was provided for FY 2030. Directionally from the current 1,200 kgs or 40 tons of gold processing capacity we currently have, where do you see the capacity required to scale up from here on to achieve that level of revenue? What kind of capital is required to scale that capacity? That would be the first question, and I'll jump back on into. Just a second. For the- No, please. I just take this thing per se. We would like to just inform that in the last Q4 per se, we have done around 650 kg per month, and that is in line with our guidance that we have provided. However, from a go forward perspective, we are expecting a growth of 30%-35% in terms of the top line. Since our major focus is on the advanced gold model of business, which has increased from 6% in FY 2024 to around 12% in FY 2026, we expect that our capacity utilization will improve going forward. Because of advanced gold? Yes, because of overall advanced gold and volumes also, the sales volume. Okay. Why I'm asking is because if you see the advanced gold loan, you don't recognize the entire gold jewelry in your revenue, right? Yeah idea of the job work. Correct? revenue Yeah is a little bit misnomer number where we should ignore revenue guidance or revenue number per se, because if you shift your model from 11.5% to, say, 20% or 30% over the next few years to advanced gold business, then the revenue definitely will not look like what it is today. The mix will completely different, right? The volume, the underlying volume and the processing capacity is what will matter in the future, right? That is the reason why my emphasis is on the volume side of the calculation rather than the value side of the calculation. If it makes sense to you. No, what you are saying is perfect, and in my speech, that is why I've explained the entire accounting policy for the advanced gold business. The current projection that we are giving for FY 2030 of INR 18,000 crore-INR 19,000 crore considers 30% of advanced gold business. The exit run rate for the advanced gold is close to 20%, and the overall average is close to 12%. We are focusing on overall cash flows per se, and so the main focus will be on cash flow generation and also on the growth of 30%-35% in terms of the absolute sales number per se. Again, I will tell that you have understood the business well, and we'll tell that we have guided 30%-35% of the revenue achievement of the target. Again, the advanced gold will be the additional to that. It will not come in the revenue, but it will add on to the profit margin. Our profit will be improved by the advanced gold. Advanced gold will help us to improve the volume also. Again, 30%-35% is the revenue growth we have guided. Both we are planning the- Mangesh, not only will the profitability improvement, but it also improves our balances as well, because advanced gold doesn't require us to fund the gold. Correct. Correct? In this industry, three, four major clients are also only there in the advanced gold business. Right targeting them from the advanced gold and regular our major 15, 25 clients are on the sale basis. Again, sale revenue also will come and grow by 30%-35%. This is the additional business we are gaining, and we were at 0%, now we are at 12%. 100% you told is very better that our cash flow working cycle will improve and our cash flows will improve by this business. Correct. Lastly, if I try to understand the gross margin. If you do the advanced gold side, you just book the revenue for the job work, which is equivalent to your gross profit, correct? Yeah, perfect. Is there any differential between in the gross margin between the golds provided by us versus advanced gold? It will more or less be in the same line? The gross margin, I'm not asking that the mix will Every item or every 18KT or 22KT of smaller carats of jewelry will have a different gross margin for you. On a like-to-like basis, is there any differential between 18KT gold funded by us versus 18KT gold jewelry which we provide to retailer on an advanced metal basis? Whether both have the similar gross margin and if there is any difference then if you can help me. I will answer you both from operations and from the finance perspective. From the operations perspective, what you are saying is right. The gross margin for the advanced gold business is lower by 70 basis points to 125 basis points. Also we do not have to invest our working capital on it, and we save on the interest cost. Hence, overall, if we look at it from a PAT perspective, it is PAT accretive. While on the finance side, since the advanced gold business has an infinite ROCE, since it does not need any working capital, and plus it is PAT accretive because there is only recognition of the service income and the value of the gold doesn't get captured. I hope I have answered what you were trying to ask. Correct. I got it. I will join back in. I have a couple of more questions. Sure. Thank you. Thank you. All the very best. Thank you. Ladies and gentlemen, in order that the management is able to address questions from all participants in the queue, you are requested to please restrict yourselves to two questions only. You may rejoin the queue if you have any further questions. Our next question comes from the line of Deep Shah with Equirus Securities. Please go ahead. Hi, sir. Congratulations on good set of numbers. Just two, three questions from my side. First, if you see recently government also put restriction on import of duty-free gold. They have restricted to 100 kg. Considering that we did set up our Dubai office for duty-free gold, how does it impact our plans in terms of importing the duty-free gold? The first thing is that this duty-free gold, for us, the duty-free gold restriction is for the Advance Authorisation Scheme only. At this point of time, we are not importing any gold under the advance license thing. There is no impact of Sky Gold because of this recent change in the government policy. Further, I would like to just add that in terms of the local market, gold availability is not an issue. Further, for exports as well, gold is available at banks as well as the nominated agencies as well. The availability of gold for manufacturing and export or sales is not an issue on ground at this point of time. See, basically, I know that we are currently not importing any sort of duty-free gold. The purpose of setting up Dubai office was to import that duty-free gold, right? Because ultimately we were going to export it back. How does it affect our plan going ahead? I know that we are not importing it right now. Let's understand the background of this policy change. This policy change has been made so that only the eligible exporters get the required allocation. Okay there were some non-wanted companies also who were getting this advance license per se. Secondly, the license is not restricted. One can get up to 100 kgs per se, and on fulfillment of 50 kgs of export, one can once again apply for the advance license and can get. Okay the same. Okay, got it, sir. Sir, second is on the working capital side. We have seen a material improvement in our receivable days. If we see it's still below what it used to be in FY 2024. Do we expect our receivable days to go back to FY 2024 levels around 20, 22 days or we should stabilize where we are right now? Again, advance gold business is increasing, and again, we are going for the selected business, those who have lesser credits and exports as a lesser credit business. 100% in 4-6 quarter, we'll be back to that 20- 23 days. Okay 4-6quarter. 100% we'll be there because our working cycle is improving by all the exports also. At the domestic level, we have controlled our efficiency of business and all. Again, the advance gold business. Okay, great to hear that. One last thing. Can you just break down how has been the performance in the domestic business and how has been the international performance? If you just can break down that bit. Yeah. Out of total revenue, around 12% is for exports and remaining 88% is for. Domestic domestic business. Okay, got it, sir. Thanks for the opportunity. Thank you. Thanks. Thank you. Our next question is from the line of Palash Kawale with Nuvama. Please go ahead. Yes, sir. Thank you for the opportunity, congratulations to the team for a very good set of numbers. My first question is, do you see any pressure on international demand because of all the geopolitical issues? Internationally, we are at the revenue of 7%-8% right now. We were at the revenue of 11%, and Dubai and U.A.E. is going back to normal. 50% business has come back to normal. We are expecting good business. We are concentrating Malaysia, Singapore also. We are expecting in one quarter it will be back to 12%. Right now, we are 8%, and the balance 4%-5% we are covering from the Indian markets. The customers like Malabar, Kalyan, and Joyalukkas are same at the Dubai and UAE and here also. They have committed us the balance 4%-5% from here. We are now first time doing exhibition in London, U.K., a new segment. We will be serving that market also from UAE Dubai office. I can say the decent 70% business is going at international level. Okay. Thank you for that, sir. Sir, your inventory days were a little higher, any comment on that? Again, Akshaya Tritiya was on 20th April, so some of the products were ready in March, and then delivery was taken in first week of April. At the March end, four, five days, nobody wants to build the products and all. That's why inventory piled up, and again, in April it was delivered. Okay. Sir, last question. Any update on land monetization? Yeah. We have appointed the two, three agencies also. We are expecting it by August end. I think August or September last, by late September, we will encash it. We have appointed two, three agencies for the sale purpose also. Okay. Sir, I don't know if I heard you right or not. Your exit run rate for advanced gold is 30%, you said, right? 20%. 30% 20%. Okay. 20. Yeah. Okay. Thank you so much. That's it from my side. Thank you, Kawale. Welcome. Thank you. Our next question is from the line of Harsh Shah with Bandhan Asset Management Company. Please go ahead. Hi, team. Am I audible? Yeah. 100% You are audible, sir. Hi, team. First question is on your guidance. Revenue going 3x in 4 years, right? Especially when we are also targeting our triple, I mean, from the current level to 3% in FY 2030. This means that our volumes actually should grow at a much faster pace, right? I mean, 40%-47% CAGR. Is that understanding right, sir? Again, 100% we have guided the revenue also. If we have guided 35% revenue, 27%-28% will come from volumes only. Again, the advanced gold business will add up. You are predicting right that volumes will also increase, but right now there is a mix of 9KT, 18KT, 22KT and 24KT. Correct. again, advanced gold. Correct. Because gold rates are now stable and came down also. Correct From last three, four days, it is corrected by 10%. There is a very positive signal for Indian market, and we are getting a report from yesterday only that customers are keen to buy because gold rates have come down. Again, our Hello. It depends on the gold price, but sir, we are guiding 30%-35% revenue. In that, 27%-28% automatically gold volumes will come and additional of advanced gold business. Okay. It should be ideally higher enough, sir. If you see it currently basically on 650 kgs monthly revenue. We are doing average, let's say, 100 kgs of advanced gold at 20% exit, roughly. Right? Yeah. As you said that advanced gold is actually discretionary on your overall revenue because we only record the value addition, not the entire amount of gold. Yeah plus value addition. Right? If we are guiding for 30%-35% revenue CAGR, ideally our volume should be much higher because we are targeting even higher share of GML. Sorry, advanced gold. Is my understanding right that we are in some way building in 2 tons of gold per month in FY 2030, roughly? In terms of the revenue for FY 2027, we are expecting INR 8,100 crore, and by 2030, we are expecting a 30%-35% growth, reaching to INR 18,000 crore-INR 19,000 crore with a guidance of advanced gold model. Exactly advanced gold business to the extent of 30%. Correct. What you asking is right. We are looking at a growth in the volumes, as well as growth in the business, but with an eye on the overall cash flow from operations as well. We want to balance all three of them in this new phase of Sky Gold 3.0. Again, adding to that, if gold prices go down, so volumes get accelerated. Go up. Once if gold prices goes up, the volume gets moderate. It's a combination of high price and a low price. Got it. Mangesh, this guidance of FY 2030, how much would be the proportion of revenue coming from overseas business, or export? At this point of time, the exports is close to 12%. We are expecting that the exports should be close to 20% of the overall sales, is what we are expecting. That does not change. No. That does not change. Correct. Got it. In terms of gold business is okay. There can be some blips per se. That is fine. From Dubai office, we are serving Singapore, Malaysia, and again, now right now we are doing exhibition in London also. Many countries are being served from that office. Yeah. No. I was wondering if the proportion would go higher than 20%. That is why the question was, given the guidance. Okay. No. Trying to clarify that. No. At this point of time, we are expecting 20% of export sales. As we reach closer to 20% of the export business, we will again relook at this. I would just like to let you know that export business, we are concentrating more because it has a better ROCE since the overall receivable days for the export business is better versus the local business, per se. This overall improves our ROCE and the working capital. Export business. Which one, sorry? No. Export business is no Advance Authorisation Scheme. It is completely on an outright model. Outright. Which is the traditional model. Yeah. Okay. Got it. Second question is for Akash. Akash, first of all, congratulations. Thank you. As you move into your new role, Akash, what would be? Yes. Thank you so much. Akash, yeah. Hello. Akash, what would be your three key priorities going into FY 2027 and beyond, Akash? Okay. The main priority would be, as Siddharth and Mangesh mentioned, that we want to go full-fledged in export market. If you see my past experience has always been to exports, this is one of this territory which we have to explore further. We want to give horizontal and vertical growth to the company, which means we want to improve our diamond business, our lab-grown business overseas. I personally feel that we still are at the tip of the iceberg. We have a lot of things to capture overseas. That is our key focus. We have a big area right from U.K. to Malaysia, Singapore. There are a lot of untapped potential, which we still have to explore. We are now slowly and gradually targeting, creating the product line, ensuring that whatever we have done it in India, which is with the co-creation activity and merchandising with the retailers, ensuring that we can work in sync with them and create better product and better collections so that they are dependent on us. Similar way, the same model will take it overseas also. I'm very happy to share that, as Darshan mentioned in his speech also, that we have smoothly navigated through the storm, that entire Middle East crisis of war, but we were able to navigate through it, and which gives us a very big confidence that we'll go full-fledged with the export market. Great to hear. All the best, team. Yeah. Thank you. Our next question is from the line of Bharat Gianani with Moneycontrol Pro. Please go ahead. Yeah, team. Congratulations for a great set of numbers. My first question is, what is the gold hedging percentage that is there currently which we are following? You alluded to some reduction in the GML. Just wanted to check, what is the overall hedging that we do for gold as of now? We hedge approximately 99% or something, half a percent or 0.75%, we cannot control that, but you can say 99%. 99% is hedging. How it is hedged, because earlier we used a combination of, if I understand correctly, we used to do it via MCX Futures or we used to do GML as well. What is the proportion of each element now, if you can elaborate? Right now we are at zero usage of GML, so we are totally hedging in MCX, which is the only one tool available in India. We use the MCX tool and every sale and purchase is hedged, and we have a hedging team and a pricing team, and they follow the rules. Again, to answer your question, MCX is the only tool we have, and we hedge there. Okay, great. Sir, just wanted to check on the capacity thing as well. You said that you will be monetizing the current factory and move to a leased factory. Currently, what is the capacity currently that we have? If you move to a leased factory, would you have a bigger sized plant or to increase the capacity, or how would you do that? Again, 1,210 capacity we have. We are at 650 kg last quarter exit. We have at 55% utilization. Till 2028 March, we don't have any problem of the capacity. Again, if we need, we are planning for a satellite model, whenever we need, we can go for rental. Again, for the land sale, we have put the many agencies are coming with the proposal that we will buy the land and whatever requirement we will build up and give you for the rental, they need whatever the percentage of rental is going in the market. Many proposals are coming. We are looking into it, how we go for it. We are planning on it. If we move total facility to the one facility, or we take 1.5 lakh more, again, continue with this facility. As per the requirement, when the times come, we'll do the policies and that, but we are looking for the agencies who come to us and buy this land and construct the building on their cost and give us on the rent in the future. We are open to that. Again, it will be needed after 2028 March, so after March. There are many options open. Many agencies have come, and many independent buildings are also available for rental. Okay, great, sir. Thanks and all the best. Thank you. Ladies and gentlemen, in the interest of time, we will take that as our last question for today. I would now like to hand the conference over to Mr. Mangesh Chauhan for closing comments. Over to you, sir. Thank you so much all of you. Ending this Q&A question, we want to increase our portfolio in domestic and export market also. Again, we will say we are a design-led company, not just a B2B manufacturer. We want to be a globally largest manufacturer. Again, the team with Akash, Siddharth, and again, many more production heads to be announced, CEO, and we are planning on that. Second layer of management is building the empire totally. Thank you so much. Thank you everyone for joining us today, for your continued trust and support. We hope we have been able to address your queries and provide meaningful insight into our performance and future outlook. On behalf of the management team, Sky Gold management team would like to express our sincere appreciation to all our shareholders, customers, banking partners, employees, suppliers, and other stakeholders for their continued confidence in the company and for being an integral part of our growth journey. In case you have any query for further details, you may please contact MUFG Intime, our investor relation partner. Thank you so much. Good afternoon. Yes. Thank you everyone for your time. Thank you. On behalf of Sky Gold & Diamonds Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.